AP sources: Tsai buys rest of Nets, Barclays from Prokhorov

August 16, 2019 - 8:07 am

NEW YORK (AP) — Joe Tsai has agreed to buy the remaining 51 percent of the Brooklyn Nets and Barclays Center from Mikhail Prokhorov in deals that two people with knowledge of the details say are worth about $3.4 billion.

Terms were not disclosed Friday, but the people told The Associated Press that Tsai is paying about $2.35 for the Nets — a record for a U.S. pro sports franchise — and nearly $1 billion in a separate transaction for the arena. They spoke on condition of anonymity because the transactions have not yet been completed.

Tsai is the co-founder and executive vice president of the Alibaba Group, the Chinese e-commerce giant. He already had purchased a 49 percent stake in the team from Prokhorov in 2018, with the option to become controlling owner in four years.

Instead, he pushed up that timeline for full ownership of a team on the rise after signing superstars Kevin Durant and Kyrie Irving in July.